“Is anyone clear on the logic..?”

Over at Irish Election, P O’Neill picks up on an RTÉ report on NAMA’s intended administration of €22billion of “loans for properties based in the UK – the majority of which are within the M25 motorway around London”. And he asks

Is anyone clear on the logic under which a huge overseas property portfolio should be managed by the state? As opposed to, for instance, immediate sale to other developers who would likewise be attracted by the 2012 Olympics?

Well, perhaps not immediately logical. But it’s likely a result of the “informal accord reached between the Irish and British governments.” Then there’s the North-South understanding. Btw, any delay in a fire-sale is not necessarily aimed at benefitting property developers – there are probably wider considerations for both economies. Although, there’s still no word on those [Irish] chickens..Also from the RTÉ report, make what you will of this

Meanwhile, the legislation setting up NAMA will run to 200 pages and will be published in next ten days in draft form.

Despite legal action by ACC bank against a number of developers Minister for Finance Brian Lenihan says the Government plan will not be derailed.

Minister Lenihan said he does not want NAMA to be a happy hunting ground for lawyers.

, , , , ,

  • Mirko

    Perhaps though the real [British] chickens are coming home to roost with the arraignment of serial Mark Haddock. A [British] psychopathic serial killer protected and directed by the [British] forces of law and order. Start by civilising yourselves…

  • alan

    Well Iam I the only one who is concerned that the only post on this most important topic is related to the ‘war’ ‘conflict’ ‘Troubles’. Collectively slugger bloggers and indeed the entire NI public don’t seem too care about basic economics, generational debt, bailing out wankers sorry i mean bankers. So what if a journalist is lighting a fire, Mr Feeney’s profession should have done that years ago. Economically we are £$€ked but who cares as long as the pubic purse keeps paying. Everyone please google ‘channel 4 news jim rogers’ and you’ll get a blast of global reality to what our standard of living is going to be like in a generation. The flow of money is going (gone) eastward and no Sir Reg I don’t mean East Belfast or eastern Europe. Forget Irish improve your english and learn Mandarin